Manilam Industries IPO entered the primary market as a Book Built SME issue by Manilam Industries India Limited. Through this public offering, the company issued fresh equity shares to raise funds for strengthening its financial position and supporting future expansion plans. The capital raised from the issue is intended to be utilised for repayment of certain outstanding borrowings, funding additional working capital requirements, expanding business operations, and meeting general corporate expenses. After the completion of the IPO process, the company’s equity shares were admitted for trading on the NSE SME platform.
Manilam Industries India Limited is an Indian manufacturer engaged in producing decorative laminates and other interior surfacing products used in residential, commercial, and industrial applications. The company supplies its products through an established distribution network serving dealers, distributors, furniture manufacturers, architects, builders, and interior designers across different regions of the country. Over the years, it has expanded its product portfolio to address the growing demand for decorative and functional surfacing materials.
The company’s operations extend from sourcing raw materials and manufacturing decorative laminates to quality inspection, product development, marketing, and nationwide distribution. By focusing on consistent product quality and efficient production processes, the company aims to deliver solutions that meet the evolving requirements of the furniture and interior infrastructure sectors. Expansion of production capacity and continuous product improvement remain important parts of its operational strategy.
Manilam Industries has adopted a business approach that combines manufacturing capabilities with market expansion and product diversification. The company continues to strengthen its distribution network while introducing new designs and decorative solutions to meet changing consumer preferences. Alongside production efficiency, management also focuses on maintaining quality standards and improving customer satisfaction to support long-term business growth.
The decorative laminate industry in India continues to benefit from increasing construction activity, rapid urban development, growth in the organised furniture market, and higher spending on modern interiors. Demand for premium decorative surface products has also increased with the rising popularity of modular kitchens, office spaces, retail outlets, hotels, and residential renovation projects. These long-term industry trends continue to create growth opportunities for manufacturers operating in this segment.
As the IPO process has already been completed and the shares are listed on the stock exchange, investors should evaluate the company’s financial performance, manufacturing capabilities, industry outlook, competitive strengths, business strategy, and valuation before considering any investment decision.
Manilam Industries IPO Details
| IPO Details | Information |
|---|---|
| IPO Name | Manilam Industries IPO |
| Company Name | Manilam Industries India Limited |
| IPO Type | Book Built Issue |
| IPO Category | SME IPO |
| Face Value | ₹10 Per Equity Share |
| Price Band | ₹65 to ₹69 Per Share |
| Issue Size | ₹39.95 Crore |
| Fresh Issue | 57,90,000 Equity Shares |
| Offer for Sale | Nil |
| Total Shares Offered | 57,90,000 Equity Shares |
| IPO Open Date | 20 February 2026 |
| IPO Close Date | 24 February 2026 |
| Basis of Allotment | 25 February 2026 |
| Refund Initiation | 26 February 2026 |
| Shares Credited to Demat Account | 26 February 2026 |
| Listing Date | 27 February 2026 |
| Listing Exchange | NSE SME |
| Lot Size | 2,000 Equity Shares |
| Registrar | Maashitla Securities Private Limited |
| Book Running Lead Manager | Jawa Capital Services Private Limited |
The Manilam Industries IPO was entirely a fresh issue of equity shares, with no offer for sale by existing shareholders. The company planned to utilise the net proceeds for strengthening its balance sheet, reducing certain outstanding borrowings, supporting additional working capital requirements, and meeting various business-related expenses. The public issue was also expected to improve the company’s financial flexibility and support its future expansion initiatives.
Manilam Industries IPO Dates
The key events related to the Manilam Industries IPO are provided below.
| IPO Event | Date |
|---|---|
| IPO Opening Date | 20 February 2026 |
| IPO Closing Date | 24 February 2026 |
| Basis of Allotment | 25 February 2026 |
| Refund Initiation | 26 February 2026 |
| Shares Credited to Demat Account | 26 February 2026 |
| Listing Date | 27 February 2026 |
After the allotment process was completed, successful applicants received the allotted equity shares in their demat accounts before trading commenced on the NSE SME platform. Applicants who did not receive an allotment were issued refunds according to the prescribed IPO schedule.
Manilam Industries IPO Reservation
The equity shares offered through the public issue were reserved for different categories of investors in accordance with the SME IPO regulations applicable at the time of the issue.
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not More Than 50% |
| Non-Institutional Investors (NII) | Not Less Than 15% |
| Retail Individual Investors (RII) | Not Less Than 35% |
The final allocation under each investor category depended on the number of valid bids received during the subscription period and the applicable regulatory guidelines governing SME public issues.
Manilam Industries IPO Lot Size
Applications for the IPO were accepted only in the prescribed lot size announced before the issue opened for subscription.
| Application | Shares | Amount |
|---|---|---|
| Retail Minimum | 2 Lots (4,000 Shares) | ₹2,76,000 |
| Retail Maximum | 2 Lots (4,000 Shares) | ₹2,76,000 |
| HNI Minimum | 3 Lots (6,000 Shares) | ₹4,14,000 |
The investment values shown above are calculated using the upper price band of ₹69 per equity share. Investors were required to apply in multiples of the specified lot size while submitting their IPO applications.
About Manilam Industries India Limited
Manilam Industries India Limited is engaged in the manufacturing of decorative laminates and related interior surfacing products used across residential, commercial, institutional, and industrial projects. Since its incorporation, the company has focused on developing products that combine visual appeal with durability, allowing customers to choose from a wide variety of decorative surface solutions for furniture, kitchens, offices, retail outlets, hotels, educational institutions, and other infrastructure projects.
The company manufactures products that cater to different customer segments, including furniture manufacturers, architects, interior designers, builders, contractors, distributors, dealers, and retailers. By maintaining a diversified product portfolio, Manilam Industries aims to serve both organised and unorganised markets while expanding its customer reach across various regions of India.
Its manufacturing operations are supported by modern production facilities, quality testing procedures, and continuous product development initiatives. The company also focuses on strengthening its distribution network to improve product availability and enhance customer service. Through consistent investments in manufacturing capabilities and operational efficiency, Manilam Industries continues to expand its presence within India’s decorative laminate industry.
Apart from manufacturing, the company also places emphasis on maintaining quality standards, developing innovative designs, and responding to changing market trends. This approach enables the business to offer products suitable for modern residential interiors as well as commercial infrastructure projects.
Business Operations
Manilam Industries India Limited operates across multiple areas of the decorative laminate manufacturing business. Its operations cover manufacturing, product development, quality assurance, distribution, and customer support.
- Decorative Laminates – The company manufactures decorative laminates in various colours, textures, patterns, and finishes suitable for furniture, wall panels, kitchens, offices, and interior decoration applications.
- Industrial Laminates – It also manufactures laminates designed for industrial and commercial usage where durability, strength, and long service life are important.
- Interior Surface Solutions – The company’s products are used for modular furniture, wardrobes, cabinets, office interiors, hospitality projects, educational institutions, healthcare facilities, and retail establishments.
- Product Development – Continuous research and product development help the company introduce new designs, textures, finishes, and decorative patterns based on changing market demand.
- Manufacturing Operations – Production activities include raw material procurement, pressing, finishing, quality inspection, packaging, and dispatch through systematic manufacturing processes.
- Quality Control – Every stage of manufacturing is monitored to maintain consistency in product quality, durability, finish, and compliance with applicable industry standards.
- Distribution Network – The company supplies its products through dealers, distributors, retailers, and channel partners located across different parts of India.
- Customer Support – Sales support and after-sales assistance help maintain long-term relationships with dealers, distributors, architects, interior designers, and institutional customers.
- Brand Development – The company continues to strengthen brand recognition through product quality, market expansion, dealer engagement, and customer satisfaction initiatives.
- Operational Improvement – Management regularly focuses on improving manufacturing efficiency, reducing operational costs, increasing production capacity, and enhancing supply chain management.
Industry Overview
India’s decorative laminate industry has experienced consistent growth alongside increasing urbanisation, infrastructure development, rising disposable income, and expansion in the organised furniture sector. Growing demand for aesthetically designed residential and commercial interiors has significantly contributed to the consumption of decorative laminates and related surfacing materials.
The increasing popularity of modular kitchens, customised furniture, office workstations, hotels, shopping malls, educational institutions, hospitals, and premium residential projects has created additional demand for decorative surface products. Consumers are increasingly preferring products that offer durability, attractive finishes, easy maintenance, and long service life.
Government initiatives supporting housing development, smart cities, commercial infrastructure, and industrial expansion continue to create favourable opportunities for manufacturers operating in the building materials sector. At the same time, technological improvements in manufacturing processes have enabled companies to introduce innovative designs and better-quality products while improving production efficiency.
Although competition within the decorative laminate industry remains strong, businesses with efficient manufacturing facilities, diversified product offerings, established distribution networks, and consistent product quality are well positioned to benefit from long-term industry growth.
Business Strategy
Manilam Industries India Limited aims to strengthen its position in the decorative laminate industry through continuous investment in manufacturing capabilities, product innovation, and market expansion. The company seeks to improve operational efficiency while expanding its customer base across existing and new geographical markets.
The management focuses on increasing production capacity, introducing modern manufacturing technologies, and developing new product designs that meet evolving customer preferences. Strengthening relationships with dealers, distributors, architects, furniture manufacturers, and institutional buyers also remains an important part of its long-term growth strategy.
In addition, the company intends to optimise its supply chain, improve cost efficiency, maintain product quality, and enhance customer satisfaction through timely delivery and reliable service. By balancing manufacturing excellence with market expansion, Manilam Industries aims to achieve sustainable growth while creating long-term value for its stakeholders.
Manilam Industries IPO Financial Information
A company’s financial statements help investors understand its business performance, earnings potential, and overall financial position. By comparing financial results over multiple years, investors can evaluate whether the company has maintained stable growth, improved profitability, and efficiently managed its resources. Financial analysis, along with an understanding of the company’s business operations and industry environment, provides a clearer picture of its long-term growth prospects.
Manilam Industries Financial Summary
| Particulars | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue from Operations | ₹148.10 Crore | ₹137.90 Crore | ₹140.03 Crore |
| Total Income | ₹149.32 Crore | ₹138.84 Crore | ₹141.16 Crore |
| EBITDA | ₹9.12 Crore | ₹14.18 Crore | ₹17.75 Crore |
| Profit Before Tax (PBT) | ₹2.18 Crore | ₹4.34 Crore | ₹10.14 Crore |
| Profit After Tax (PAT) | ₹1.59 Crore | ₹3.14 Crore | ₹7.47 Crore |
| Net Worth | ₹22.43 Crore | ₹24.83 Crore | ₹30.11 Crore |
| Total Borrowings | ₹29.86 Crore | ₹27.41 Crore | ₹23.64 Crore |
The financial performance of Manilam Industries India Limited reflects a gradual improvement in profitability over the last three financial years. While revenue remained relatively steady during the period, the company reported stronger operating earnings and a significant increase in net profit. The improvement in profitability suggests better utilisation of manufacturing resources and tighter control over operating expenses. At the same time, the company strengthened its net worth while reducing its overall borrowings, indicating a healthier financial position. Investors should analyse these financial results together with future business plans, industry trends, and valuation before making any investment decision.
Manilam Industries IPO Key Performance Indicators (KPIs)
Financial ratios offer additional insights into a company’s operational efficiency, profitability, and capital management. These indicators help investors evaluate how effectively the business generates returns while maintaining financial stability.
| KPI | Value |
|---|---|
| Return on Equity (ROE) | 24.80% |
| Return on Capital Employed (ROCE) | 36.68% |
| Return on Net Worth (RONW) | 24.80% |
| EBITDA Margin | 12.67% |
| PAT Margin | 5.33% |
| Debt-to-Equity Ratio | 0.79 |
| Earnings Per Share (EPS) | ₹4.64 |
| Net Asset Value (NAV) Per Share | ₹18.69 |
| Price to Earnings (P/E) | 14.87x |
The key financial indicators highlight an improvement in the company’s overall operating performance during the review period. Better return ratios indicate more efficient use of capital, while the growth in earnings reflects stronger profitability. The company’s moderate debt level and improving margins also contribute to a balanced financial profile. However, investors should consider these indicators along with the company’s competitive position, future expansion plans, and prevailing industry conditions before taking an investment decision.
Objects of the Manilam Industries IPO
The company proposed to utilise the net proceeds from the fresh issue for the following purposes:
- Repayment or prepayment of certain outstanding borrowings.
- Funding additional working capital requirements.
- Capital expenditure for business expansion.
- General corporate purposes.
The planned utilisation of the IPO proceeds is expected to strengthen the company’s financial position, improve liquidity, support expansion activities, and provide additional resources for future business growth.
Manilam Industries IPO Listing Performance
The listing performance reflects how the company’s shares performed on the stock exchange on the first day of trading after the IPO process was completed. While a strong listing may indicate positive market sentiment, long-term returns primarily depend on the company’s business execution, financial performance, and future growth prospects.
| Particular | Value |
|---|---|
| Listing Exchange | NSE SME |
| Listing Date | 27 February 2026 |
| Issue Price | ₹69 Per Share |
| Listing Price | ₹72.45 Per Share |
| Listing Gain | ₹3.45 Per Share |
| Listing Gain (%) | 5.00% |
Manilam Industries India Limited made a positive debut on the NSE SME platform by listing above its issue price. Although the stock delivered a modest listing premium, investors should evaluate the company’s long-term financial performance, manufacturing capabilities, and future business strategy rather than relying solely on the listing gain.
Manilam Industries IPO Subscription Status
The subscription figures indicate the level of demand received from different categories of investors during the bidding period. A higher subscription generally reflects strong investor participation, but investment decisions should always be supported by an assessment of the company’s fundamentals, valuation, and long-term growth potential.
Manilam Industries IPO Subscription
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | 32.74 Times |
| Non-Institutional Investors (NII) | 118.52 Times |
| Retail Individual Investors (RII) | 91.37 Times |
| Total Subscription | 74.81 Times |
The IPO witnessed healthy participation across all investor categories. Non-institutional investors recorded the highest subscription level, while both qualified institutional buyers and retail investors also showed strong interest during the bidding period. The overall response reflected favourable market participation for the public issue.
Manilam Industries IPO Review
Manilam Industries India Limited operates in the decorative laminates and interior surfacing products industry by manufacturing products used across residential, commercial, and institutional projects. The company has established its presence by offering decorative laminate solutions that cater to furniture manufacturers, architects, interior designers, builders, distributors, and dealers throughout India.
Its operations cover manufacturing, product development, quality management, and distribution of decorative laminates designed to meet the changing requirements of the interior furnishing market. By focusing on manufacturing efficiency, expanding its product range, and strengthening its distribution network, the company continues to enhance its position within the organised decorative laminate sector.
The company’s financial performance has improved in recent years, supported by higher profitability, better operating margins, and growth in shareholders’ funds. In addition, continued demand for decorative building materials, modular furniture, and premium interior products provides favourable opportunities for future business expansion.
However, investors should also consider factors such as fluctuations in raw material prices, competition within the decorative laminate industry, changing consumer preferences, working capital requirements, and overall economic conditions before making any investment decision.
Overall, Manilam Industries India Limited operates in an industry that benefits from increasing construction activity and rising demand for modern interior solutions. Investors should carefully assess the company’s financial position, valuation, competitive strengths, and future business plans before taking a long-term investment decision.
Manilam Industries IPO Strengths
Manilam Industries India Limited has developed its business by focusing on manufacturing quality decorative laminates and expanding its presence across the Indian market.
- Diverse portfolio of decorative laminate products serving multiple customer segments.
- Modern manufacturing facilities supported by quality control processes.
- Established distribution network across different regions of India.
- Improving profitability and stronger financial performance over recent years.
- Experienced management team with industry knowledge.
- Growth opportunities supported by increasing demand for decorative interior products.
Manilam Industries IPO Risk Factors
Like every manufacturing business, Manilam Industries India Limited is exposed to certain operational and industry-related risks that investors should evaluate carefully.
- Fluctuations in raw material prices may affect operating margins.
- Intense competition within the decorative laminate and building materials industry.
- Dependence on continued demand from the construction and furniture sectors.
- Working capital requirements may increase as business operations expand.
- Economic slowdowns could impact demand for residential and commercial interior products.
- Changes in government regulations or environmental compliance requirements may influence manufacturing operations.
Manilam Industries IPO Promoters
Manilam Industries India Limited is promoted by experienced entrepreneurs who have played an important role in establishing the company’s manufacturing operations and expanding its presence in the decorative laminates industry. The promoters continue to focus on business growth, operational efficiency, product development, and strengthening the company’s market position.
Manilam Industries IPO Promoters Details
| Promoter | Designation |
|---|---|
| Manish Kumar Agarwal | Promoter & Managing Director |
| Neelam Devi Agarwal | Promoter |
Manilam Industries IPO Management Team
The company is managed by professionals with experience in manufacturing, finance, operations, marketing, compliance, and business administration. The management team focuses on improving production efficiency, maintaining product quality, expanding market reach, and supporting the company’s long-term growth strategy.
| Name | Designation |
|---|---|
| Manish Kumar Agarwal | Managing Director |
| Neelam Devi Agarwal | Whole-Time Director |
| Sunil Kumar Sharma | Chief Financial Officer |
| Priya Sharma | Company Secretary & Compliance Officer |
Manilam Industries IPO Registrar Details
The registrar managed the IPO application process, finalised the basis of allotment, credited shares to successful applicants, initiated refunds, and provided investor-related services throughout the public issue.
| Particular | Details |
|---|---|
| Registrar Name | Maashitla Securities Private Limited |
| Website | https://www.maashitla.com |
| IPO Allotment Status | https://maashitla.com/allotment-status |
| Email ID | [email protected] |
| Contact Number | +91-33-4064 5405 |
Manilam Industries IPO Lead Manager Details
The Book Running Lead Manager supervised the public issue process, coordinated regulatory compliance, managed marketing activities, and assisted the company throughout the IPO.
| Particular | Details |
|---|---|
| Lead Manager | Jawa Capital Services Private Limited |
| Website | https://www.jawacapital.com |
| Email ID | [email protected] |
| Contact Number | +91-11-4108 5151 |
Manilam Industries India Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Manilam Industries India Limited |
| Registered Office | Ahmedabad, Gujarat, India |
| Website | https://www.manilam.com |
| Email ID | [email protected] |
How to Check Manilam Industries IPO Allotment Status
Investors could check the IPO allotment status after the basis of allotment was finalised through either the registrar’s website or the NSE IPO portal.
Through Maashitla Securities Private Limited
- Visit the official IPO allotment portal of Maashitla Securities Private Limited.
- Select Manilam Industries IPO from the available IPO list.
- Choose PAN Number, Application Number, or DP/Client ID.
- Enter the required details in the respective field.
- Click on Submit to view the allotment status.
Through NSE
- Visit the official NSE IPO allotment page.
- Select Manilam Industries IPO from the IPO list.
- Enter your PAN Number or Application Number.
- Complete the verification process, if applicable.
- Click on Search to check your allotment status.
Frequently Asked Questions (FAQs)
What is the Manilam Industries IPO?
Manilam Industries IPO was a Book Built SME public issue comprising a fresh issue of equity shares offered to raise funds for the company’s business requirements.
What was the price band of the Manilam Industries IPO?
The IPO was offered at a price band of ₹65 to ₹69 per equity share.
What was the total issue size of the Manilam Industries IPO?
The company raised ₹39.95 crore through the public issue.
When did the Manilam Industries IPO open and close?
The IPO opened on 20 February 2026 and closed on 24 February 2026.
On which stock exchange are Manilam Industries shares listed?
The company’s equity shares are listed on the NSE SME platform.
Who was the registrar for the Manilam Industries IPO?
Maashitla Securities Private Limited acted as the registrar to the issue.
Who was the lead manager for the Manilam Industries IPO?
The Book Running Lead Manager for the issue was Jawa Capital Services Private Limited.
What was the minimum lot size for the Manilam Industries IPO?
The minimum application size was 2 lots comprising 4,000 equity shares.
What does Manilam Industries India Limited do?
The company manufactures decorative laminates and interior surfacing products that are supplied to residential, commercial, and institutional customers across India.
What were the objectives of the Manilam Industries IPO?
The IPO proceeds were proposed to be utilised for repayment of certain borrowings, meeting working capital requirements, supporting business expansion, and general corporate purposes.
